1099

[countrygirl2]

Aren't title companies to give you a 1099 when you sell real estate? I was thinking they did, we did not get one on either sale this year.

[ken a.k.a OMK]

When you sell your home, federal tax law requires lenders or real estate agents to file a Form 1099-S, Proceeds from Real Estate Transactions, with the IRS and send you a copy if you do not meet IRS requirements for excluding the taxable gain from the sale on your income tax return.

Also:

You may not always receive a 1099-S form. When selling your home, you may have signed a form certifying you will not have a taxable gain on the sale.

[countrygirl2]

We had a gain on both sales of rental property, I just gave the tax person both the purchase and sale of the one. The other was so old we had nothing but hubs remembered and she took that.

[rangerj]

NOTE: The exclusion of a gain on the sale of real property applies to property used as your residence, not rental property. You have to use it as your residence for at least 2 years(24 months) of the five years (60 months) prior to the sale date. There are other qualifications that impact the amount excludable, such as use of part of the residence as a rental, or home office, and depreciation was allowed or allowable. The gain exclusion is $250,000 for an individual and $500,000 for a married filing joint couple. Also note that a prior amount excluded from taxation, from an earlier residence sale, would reduce the current exclusion so that your total amount of gain excluded does not exceed the limitation. Also remember that your "adjusted basis" in your residence is the amount you paid for it including various filing fees, legal fees, etc., and including any improvements done over the years you owned the property, e.g. new roof, new kitchen cabinets and counter tops, new windows and doors. Normal repairs do not add to your cost basis, e.g. painting and other normal repairs to maintain the property. KEEP RECIEPTS and PROOF of improvements.